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Is the oil market reversing too quickly when crude oil prices plummeted but gas prices increased by more than 4% at the same time?
1. Hottest news of the day
Dangote Group continues to attract attention when it starts construction on its second crude oil processing unit with a capacity of 700,000 barrels/day. This is a big step that can change the balance of oil refining and petrochemicals in Africa, while increasing competitive pressure on traditional oil processing centers in Europe, the Middle East and Asia.
If the project operates as expected, Nigeria will not only reduce its dependence on imported fuel products but can also become an important transshipment point for petroleum products in the region.
2. Crude oil prices plummeted
The crude oil market today recorded clear selling pressure. WTI Crude fell 3.57% to 92.59 USD/barrel, Brent Crude fell 2.99% to 94.89 USD/barrel, Murban Crude plummeted 4.09% to 93.20 USD/barrel.
This is a notable decline because in just one session, many key oil contracts lost from nearly 3% to more than 4%, reflecting concerns about consumption demand, profit-taking activities and expectations that supply may be less tense.
3. Outstanding energy price list
Item Current Price Change Rate
WTI Crude 92.59 USD/barrel -3.43 -3.57%
Brent Crude 94.89 USD/barrel -2.92 -2.99%
Murban Crude 93.20 USD/barrel -3.97 -4.09%
Natural Gas 3.357 USD/MMBtu +0.143 +4.45%
Gasoline 3.008 USD/gallon -0.124 -3.96%
Heating Oil 3,684 USD/gallon -0.165 -4.28%
WTI Midland 93.67 USD/barrel -3.13 -3.23%
Mars 114.22 USD/barrel -1.14 -0.99%
OPEC Basket 101.58 USD/barrel -2.47 -2.37%
DME Oman 96.49 USD/barrel 0.00 0.00%
Mexican Basket 93.53 USD/barrel +2.50 +2.75%
Indian Basket 100.13 USD/barrel 0.00 0.00%
Urals 86.94 USD/barrel +0.17 +0.20%
Western Canadian Select 83.67 USD/barrel +2.26 +2.78%
Dubai 95.55 USD/barrel 0.00 0.00%
Louisiana Light 100.09 USD/barrel +2.13 +2.17%
LNG Japan Korea Marker 18.82 USD/MMBtu 0.00 0.00%
4. OPEC and Middle East oil are still anchored high
Arab Light reached 107.32 USD/barrel, Arab Extra Light reached 107.82 USD/barrel, Arab Heavy reached 104.22 USD/barrel and Arab Medium reached 105.57 USD/barrel. Kuwait Export Blend is at 109.92 USD/barrel.
The Middle East oil group still maintains a much higher level than WTI and Brent, showing that the supply premium in this region is still very noticeable as the market continues to monitor geopolitical risks, shipping and demand from Asia.
5. Gas goes against the oil market
The most notable point today is that Natural Gas increased by 4.45% to 3,357 USD/MMBtu, while crude oil, gasoline and heating oil all fell sharply.
This development shows that the energy market is not decreasing in phase. Oil is under selling pressure, while gas is supported by electricity demand, weather, inventory or LNG consumption expectations.
6. Some notable international oil prices
Area Oil Type Price
Angola Cabinda 97.68 USD/barrel
Angola Nemba 95.78 USD/barrel
Nigerian Brass River 102.38 USD/barrel
Nigeria Via Iboe 102.28 USD/barrel
UAE Das 96.09 USD/barrel
UAE UZakum pper 95.14 USD/barrel
Qatar Qatar Land 95.84 USD/barrel
Iraq Basrah Heavy 71.57 USD/barrel
Iraq Basrah Medium 73.67 USD/barrel
Iran Iran Light 95.54 USD/barrel
Iran Iran Heavy 93.64 USD/barrel
Russia Sokol 90.62 USD/barrel
Azerbaijan Azeri Light 112.84 USD/barrel
Kazakhstan CPC Blend 115.89 USD/barrel
Brazilian Lula 96.42 USD/barrel
7. Hot keywords today
Dangote 700,000 barrels/day, WTI dropped sharply, Brent below 95 USD, gas increased more than 4%, OPEC Basket above 101 USD, Arab Light above 107 USD, Asian LNG stable, Middle East oil prices kept high, energy market differentiated, African oil refining accelerated.
8. Quick judgment
The oil and gas market today is showing two conflicting signals. On one side, crude oil fell sharply due to selling pressure and demand concerns. On the other side, gas increased sharply, showing that energy demand has not cooled down completely.
Dangote's groundbreaking of a second crude oil processing unit with a capacity of 700,000 barrels per day could become a major variable in the long term. If Nigeria successfully expands its oil refining capacity, the fuel supply chain in Africa could enter a new phase, reducing import dependence and increasing the region's role on the global energy map.
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